Appian (NASDAQ:APPN) Shares Gap Up to $28.99

Shares of Appian Co. (NASDAQ:APPN) gapped up prior to trading on Thursday . The stock had previously closed at $28.99, but opened at $29.68. Appian shares last traded at $29.76, with a volume of 8,000 shares.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. William Blair restated an “outperform” rating on shares of Appian in a report on Wednesday, March 20th. Barclays decreased their price objective on shares of Appian from $36.00 to $32.00 and set an “underweight” rating on the stock in a report on Friday, May 3rd. KeyCorp reduced their target price on shares of Appian from $50.00 to $37.00 and set an “overweight” rating on the stock in a report on Friday, May 3rd. Citigroup increased their target price on shares of Appian from $48.00 to $52.00 and gave the stock a “neutral” rating in a report on Friday, March 22nd. Finally, DA Davidson reduced their target price on shares of Appian from $55.00 to $52.00 and set a “buy” rating on the stock in a report on Monday, March 4th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $46.43.

Appian Price Performance

The company has a debt-to-equity ratio of 2.68, a quick ratio of 1.33 and a current ratio of 1.33. The stock’s 50-day moving average is $31.18 and its 200 day moving average is $34.21. The stock has a market capitalization of $2.23 billion, a PE ratio of -20.99 and a beta of 1.43.

Appian (NASDAQ:APPN) last posted its earnings results on Thursday, May 2nd. The company reported ($0.24) EPS for the quarter, missing analysts’ consensus estimates of ($0.15) by ($0.09). The company had revenue of $149.80 million during the quarter, compared to analysts’ expectations of $149.78 million. Appian had a negative net margin of 19.20% and a negative return on equity of 204.82%. The company’s quarterly revenue was up 10.8% on a year-over-year basis. During the same period last year, the business earned ($0.42) earnings per share. As a group, equities analysts expect that Appian Co. will post -1.38 earnings per share for the current year.

Insiders Place Their Bets

In other Appian news, Director Albert G.W. Biddle III acquired 3,225 shares of the stock in a transaction on Thursday, May 30th. The shares were bought at an average cost of $28.02 per share, with a total value of $90,364.50. Following the transaction, the director now owns 19,689 shares of the company’s stock, valued at approximately $551,685.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 44.00% of the stock is currently owned by insiders.

Institutional Trading of Appian

Hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. lifted its stake in shares of Appian by 3.4% in the 3rd quarter. Vanguard Group Inc. now owns 4,556,543 shares of the company’s stock worth $207,824,000 after acquiring an additional 147,785 shares during the period. Hawk Ridge Capital Management LP lifted its stake in shares of Appian by 14.5% in the 4th quarter. Hawk Ridge Capital Management LP now owns 1,859,877 shares of the company’s stock worth $70,043,000 after acquiring an additional 236,230 shares during the period. Roubaix Capital LLC acquired a new stake in shares of Appian in the 4th quarter worth $2,190,000. SG Americas Securities LLC acquired a new stake in shares of Appian in the 4th quarter worth $308,000. Finally, Victory Capital Management Inc. lifted its stake in shares of Appian by 22.9% in the 4th quarter. Victory Capital Management Inc. now owns 5,509 shares of the company’s stock worth $207,000 after acquiring an additional 1,027 shares during the period. Institutional investors and hedge funds own 52.70% of the company’s stock.

Appian Company Profile

Appian Corporation, a software company that provides low-code design platform in the United States, Mexico, Portugal, and internationally. The company's platform offers artificial intelligence, process automation, data fabric, and process mining. It provides The Appian Platform, an integrated automation platform that enables organizations to design, automate, and optimize mission-critical business processes.